Why Moderna Stock Lagged the Market Today

This was the case with high-profile biotech Moderna (NASDAQ: MRNA) on Wednesday. Moderna's positive news came from across the Atlantic Ocean, where the European Medicines Agency (EMA) accepted a conditional marketing authorization (CMA) application for the company's bivalent coronavirus booster vaccine. Moderna didn't hesitate to point out that the new booster has already been given the green light by the U.S. Food and Drug Administration (FDA) and a host of other jurisdictions, including Australia, Taiwan, and the U.K.